You must have heard of the term ‘easy monthly installments’. But what exactly is an installment loan or installment credit?
‘Installment loan’ is a broad term that covers a majority of personal, commercial, vehicle, and other types of loans availed by borrowers.
They are called so because they are repaid with regular scheduled payments, also referred to as installments.
A personal installment loan is what is commonly called a personal loan. It is a type of installment loan taken for personal reasons.
Personal loans are also unsecured loans, which means that you don’t need to pledge any assets against the amount you borrow.
Here’s the eligibility criteria for personal installment loans -
These criteria vary hugely from vendor to vendor. These specific sets of requirements are specific to Moneyview personal installment loans.
The following are a general list of documents that you may have to provide for a personal installment loan -
Identity Proof
The PAN card, Aadhaar Card, Valid Indian Passport, Valid Voter ID, or a Valid Driver’s License can be submitted in this category.
Address Proof
As an address proof, you can submit your Aadhaar Card, Valid Indian Passport, Valid Voter ID, Valid Driver’s License, or any Utility Bills (Electricity, Water, Gas) dated within the last 60 days.
Income Proof
As income proof, salaried applicants can submit the last 3 months’ bank statements of their salary account. Self-employed applicants can submit the last 3 months’ bank statements.
Loan Amount
Min ₹10
Max ₹10,000,000
Rate of Interest
Min 5%
Max 25%
Loan Tenure
Min 3 months
Max 72 months
Installment loans are the loans which are repaid with regular monthly installments. Personal loans, vehicle loans, home loans, are all types of installment loans. If you want to apply for installment loans online, there are various apps that give loans within minutes.
If you are searching for ‘installment loans for bad credit’ or have a low credit score, you can get an instant installment personal loan from Moneyview. From the Moneyview app, you can get personal loans even if your CIBIL score is as low as 650.
You can download the app from the PlayStore or visit the website to get an installment loan with minimum documentation.
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Ans: The interest rates of installment loans may depend on a variety of factors. They are-
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Disclaimer
The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.
This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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